Rewiring Australia: Loans for electrification
The renewable energy transition and cost-of-living crisis could be the two biggest issues facing our society and households today, and Rewiring Australia is attempting to tackle both at the same time.
By devising a scheme to get financing to households which may be unable to afford to install rooftop solar or household batteries, they’re bringing the benefits of electrification to people it matters to most.
These are households and individuals, such as those on low or fixed incomes, at risk of being left behind in energy poverty amid spiralling gas prices.
In partnership with Australian National University (ANU), Rewiring Australia aims to help more Australians upgrade their homes with solar panels, batteries and electric appliances, lowering their energy bills and carbon emissions.
Rewiring Australia has put forward a policy framework similar in design to the Higher Education Contribution Scheme (HECS) which it hopes will be a catalyst for the transamination of homes across Australia.
Why Rewiring Australia was selected for a 2023 Visionary Grant
Rewiring Australia and ANU are leading experts in electrification in Australia; their approach in this project to tackle financing barriers to electrification is unique and would support an underserviced group of households.
Financing of household electrification is a major barrier to uptake and this project is working at the heart of that issue to remedy a solution.
This project addresses the social issue of a fair and just transition to renewable energy. Without the right financial support, many people run the risk of being left behind in the energy transition, unable to benefit from the cost savings and home improvements that electrification will provide (despite being the people who need it most).
We believe this project has the potential to unlock large scale uptake of electrification, which will bring both emissions reductions and improved ways of life.
Electrify everything
“We know that electrifying everything is the fastest way to decarbonise our economy and reduce household energy bills,” says Kate Minter, Rewiring Australia’s Managing Director.
“The grant has meant we have been able to empirically demonstrate the cost-savings of household electrification through extensive modelling and research,” she says.
Rewiring has now submitted its pre-budget proposal to the Australian Federal Government and advocated for the government to put household electrification on the agenda for the 2024-2025 Budget and the 2025 Federal Election.
The Visionary Grant has meant the Rewiring Australia team of researchers and data analysts have been able to build on this work with the ANU’s Tim Higgins and Professor Bruce Chapman (the architect of HECS) to develop the Electrify Everything Loan Scheme.
Rewiring Australia is an independent think-tank that relies on the generosity of donors and supporters. You can visit their page to donate.
See all 2023 Visionary Grant recipients
